BEIJING – China will reduce import tariffs on a large number of goods next year in its latest move to expand domestic demand and advance high-standard opening up, authorities announced Saturday.

Provisional import tariffs, lower than the most-favored-nation rates, will be applied to 935 commodities as part of an annual tariff adjustment plan effective on Jan. 1, 2025. This plan “will help increase the imports of quality products,” according to a statement from the Customs Tariff Commission of the State Council.

This tariff reduction aligns with the need to foster new quality productive forces through scientific and technological innovation, enhance people’s well-being, and promote green and low-carbon development, the commission said.

For instance, lower provisional tariffs will be implemented for some raw materials, including ethane, cycloolefin polymers and ethylene-vinyl alcohol copolymers, which are important basic materials for the petrochemical industry. These tariff cuts will effectively reduce the production costs of enterprises, promote their technological innovation and facilitate the green development of the petrochemical industry,” said Fan Min, deputy head of the information and market department at China Petroleum and Chemical Industry Federation.  (Xinhua)